BSIIX vs. HYGW
BSIIX (BlackRock Strategic Income Opportunities Fund Class I) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both funds - BSIIX is a Total Bond Market fund managed by BlackRock, while HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index. Over the past 3 years, BSIIX returned 6.84%/yr vs 5.70%/yr for HYGW. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.
Performance
BSIIX vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, BSIIX achieves a 2.00% return, which is significantly lower than HYGW's 2.12% return.
BSIIX
- 1D
- -0.10%
- 1M
- 1.23%
- YTD
- 2.00%
- 6M
- 2.57%
- 1Y
- 6.95%
- 3Y*
- 6.84%
- 5Y*
- 3.01%
- 10Y*
- 3.85%
HYGW
- 1D
- 0.24%
- 1M
- 0.84%
- YTD
- 2.12%
- 6M
- 2.52%
- 1Y
- 6.56%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
BSIIX vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BSIIX BlackRock Strategic Income Opportunities Fund Class I | 2.00% | 8.59% | 5.22% | 6.18% | -1.42% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.12% | 6.19% | 6.99% | 7.31% | -0.39% |
Correlation
The correlation between BSIIX and HYGW is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.44 |
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Return for Risk
BSIIX vs. HYGW — Risk / Return Rank
BSIIX
HYGW
BSIIX vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Strategic Income Opportunities Fund Class I (BSIIX) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BSIIX | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.49 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 3.62 | -1.17 |
| Martin ratioReturn relative to average drawdown | 9.49 | 16.51 | -7.01 |
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Drawdowns
BSIIX vs. HYGW - Drawdown Comparison
The maximum BSIIX drawdown since its inception was -18.76%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for BSIIX and HYGW.
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Drawdown Indicators
| BSIIX | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.76% | -5.49% | -13.27% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -1.82% | -1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -2.84% | -3.66% | +0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -9.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -9.91% | — | — |
Current DrawdownCurrent decline from peak | -0.31% | 0.00% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -0.60% | -1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.40% | +0.33% |
Volatility
BSIIX vs. HYGW - Volatility Comparison
BlackRock Strategic Income Opportunities Fund Class I (BSIIX) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) have volatilities of 0.92% and 0.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSIIX | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.91% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 2.24% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.96% | 2.87% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.65% | 4.67% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.15% | 4.67% | -1.52% |
BSIIX vs. HYGW - Expense Ratio Comparison
Both BSIIX and HYGW have an expense ratio of 0.69%.
Dividends
BSIIX vs. HYGW - Dividend Comparison
BSIIX's dividend yield for the trailing twelve months is around 5.15%, less than HYGW's 11.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSIIX BlackRock Strategic Income Opportunities Fund Class I | 5.15% | 5.07% | 4.75% | 3.33% | 3.58% | 2.98% | 2.92% | 3.54% | 3.32% | 3.45% | 2.91% | 3.19% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.52% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BSIIX and HYGW have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSIIX has higher volatility (0.92%) compared to HYGW (0.91%). In terms of maximum drawdown, BSIIX dropped -18.76% vs HYGW's -5.49%.
BSIIX currently has the higher Sharpe Ratio (2.36 vs 2.31), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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